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Asian Markets trade mostly higher in early deals of Wednesday

08 Jun 2022 Evaluate
Most of the Asian Markets traded higher in early deals of Wednesday, as the curbed restrictions in China and the news that US might lift some tariffs on China to tackle the surging inflation, boosted risk sentiments in the market. Additionally, rally in technological and energy sector equities in the Wall street overnight cheered same sector equity investments. Japan extended winning streak to fourth straight session amid advancement in exports with the weaker local currency yen. Ahead to Japan tourism reopening by Friday, Japan Governor Haruhiko Kuroda pointed out that a weaker yen would benefit pandemic-hit service providers in regional areas. Meanwhile, Japan’s economy narrowed less than initially estimated in the first quarter of this year. As per reports, Japan's GDP shrunk by an annualized 0.5% YoY in Q1 of 2022, in contrast to the projection of 1% decline, followed by the rise of 3.8% in the previous three months. The overall bank lending in Japan climbed by 0.7% on year in May, at 582.524 trillion yen, marking decline from April’s 0.9%.

Nikkei 225 up by 259.49 points or 0.93% to 28,203.44, Hang Seng increased by 366.16 points or 1.70% to 21,897.83, Taiwan higher by 146.86 points or 0.89% to 16,659.74, KOSPI buoyed by 0.73 points or 0.03% to 2,627.07,and Jakarta Composite rose by 25.56 points or 0.36% to 7,166.61.

Bucking the trend, Straight times down 5.90 points or 0.18% to 3,225.64, Shanghai declined by 22.61 points or 0.70% to 3,219.15 and FTSE Bursa Malaysia KLCI dipped by 3.35 points or 0.22% to 1,529.28.

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